RDIF and Türkiye Wealth Fund create Russia-Turkey Investment Fund

Press release, 10.03.2017

Moscow, 10 March 2017 – The Russian Direct Investment Fund (RDIF) and Türkiye Wealth Fund (TWF) have signed a memorandum establishing the Russia-Turkey Investment Fund. The parties will work together to identify attractive investment projects that could strengthen bilateral economic ties and increase investment flows between Russia and Turkey. The respective agreement was signed today in the presence of Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan during the latter’s state visit to the Russian Federation.

According to the agreement, RDIF and TWF will invest up to USD 500 million each in the Russia-Turkey Investment Fund.

“We are pleased that business activity gives impetus to the development of Russian-Turkish relations. RDIF is in close contact with its Turkish partners since TWF’s foundation A common approach to the investment process will promote the development of economic cooperation and make it more effective. RDIF and TWF are already in talks on a number of potential joint investment projects”.

“We believe that the Turkey-Russia Investment Fund will accelerate the development of economic relations between two countries. Türkiye Wealth Fund and the Russian Direct Investment Fund will contribute to the growth and prosperity of their economies and will pursue mutually profitable investment opportunities both in Turkey and in Russia. We are also excited that this will be one of the first international initiatives of the newly established Türkiye Wealth Fund. We hope that it will be the first step towards a long lasting relationship between two institutions”.

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Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Further information can be found at www.rdif.ru

Türkiye Wealth Fund (TWF) is the Sovereign Wealth Fund of Turkey and it was established in 2016. TWF’s mission is to develop Turkey’s strategic assets, to grow their value and thereby to provide funding for Turkey’s priority investments. TWF aims to be one of the most successful Wealth Funds in the World in terms of its successful investments and in terms of its performance based and transparent corporate governance approach. Further information can be found at www.turkiyevarlikfonu.com.tr